Bob Prechter says stocks headed to bear market lows!!

Discussion in 'Trading' started by S2007S, Feb 25, 2011.

  1. S2007S


    Now I am very bearish, but not as bearish as him, I still think you will be able to buy the SPX under 1000 in the next 12-18 months, anything lower is questionable since Bubble ben bernanke will unleash QE 3, 4, 5, 6, 7 and so on by that time, going to be interesting!

    BOB PRECHTER: We're Still In A Massive Bear Market And Stocks Will Crash To New Lows
    Posted Feb 25, 2011 08:39am EST by Henry Blodget in Investing
    Related: ^dji, ^gspc, spy, ^ixic, qqqq, gld

    Investors have gotten wildly bullish of late, as the bull market that started in early 2009 keeps driving stocks to new highs.

    But the pigs are about to get slaughtered, says Bob Prechter, president of Elliott Wave International and editor of the Elliott Wave Theorist.

    Prechter still thinks the new bull market is just a cyclical "retracement" of some of the bear market losses that we've had since the market crashed in 2008. Prechter expected this retracement to drive stocks 50% above the market lows, but stocks have since soared 30% higher than than he expected.

    So when the day of reckoning comes, Prechter thinks, it will be even more startling. And Prechter still thinks that stocks will eventually crash to new bear-market lows (read: below 6,800 on the DOW).

    What makes Prechter think this day of reckoning may come sooner rather than later?

    Sentiment indicators and other technical analysis.

    Investor bullishness has now gotten so extreme, Prechter says, that it has exceeded the levels in 2008 before the market crashed. Investors could still get even more bullish, of course, but eventually they'll pay for this optimism.

    And Prechter's not just bearish on stocks: He thinks oil, silver, and other commodities are absurdly overvalued, too. The only thing he's bullish on is the dollar.

    And lest he be dismissed as a perma-bear, Bob Prechter is quick to add that he hopes there will come a day when he can come on the show and tell everyone that stocks are finally so crushed and hated that it's a historic opportunity to buy them.

    When will that be?

    Stay tuned...
  2. didnt even read your post

    prechter is a drooling con man
  3. Lucrum


    "Bob Prechter says..." I stopped reading right there.
  4. The "symmetry" players will eventually be right, but it won't matter much. Nobody will be paying attention to them.
  5. Checkout the review of Robert Prechter's market calls here, he has been right only 23% of the time:

    It isn't necessary to predict to trade the markets, it is much easier to work with what is known.

    "Those who have knowledge don't predict. Those who predict don't have knowledge" Lao Tzu, 6th century BC
  6. Is PTJ going to come in selling now?

  7. Where was he in march of 2009 ?

  8. Spot-on, actually... was long within a few days of the low with a prediction of "Dow 10,000"... for a counter rebound... which has gone further than his projections.
  9. That's not what CXO says, based on his public record:

    1/21/10 “2010 is the year when the bear market in stocks returns in full force. …a meaningful close below [Dow] 10,489 should see a similar collapse to new bear market lows.”
    11/25/09 He is now recommending that traders allocate 200% of their stock trading portfolios to shorting the stock market.
    8/31/09 “The Dow is just short of the most likely stopping point, 9654/9764, previous fourth wave extreme. … The worst seasonal month of the year is at hand (September). Prices should decline at least as fast as they rebounded.”
    4/2/09 “…based on our projections, the bear market is more than halfway done in time. It is less than halfway done in price, however, as the steepest portions of the decline lie ahead.” -
    3/4/09 “Some measures of investor pessimism have reached extreme levels, suggesting the decline has reached its latter stages. But it’s not over yet.”

    Some guru's simply hedge their bets with bullish and bearish comments, and then later they can pick whichever one is appropriate to say "See, I was right". But pretty hard to find much bullish sentiment in his public comments.
  10. LOL

    Seriously, that guy is all over the board. Some people praise him like he should be on a Wheaties box. I think the majority wouldn't mind seeing him on the back of a milk carton though.
    #10     Feb 25, 2011